Who sets the odds
 

Here in OZ we have one or two leaders who seem to set the prices for upcoming races almost as soon as the final fields are published.

Is there a US eqyuivalent?

parimutual

morningline set by someone at each track

Thanks Dave W
I would assume that the "someone" is a respected price maker in the area. Over here sports businesses like Sportsbet, the TAB (parimutuel), Ladbrokes etc spend millions per year making sure they have top class pricemakers. We have many, many keen bettors in Aus who wait for the opening set of odds (come out Wed mid to late afternoon for Saturday meetings) and pounce if they feel a mistake has been made. The bookmakers here have to set the bettor to lose a certain amount. Let's say the odds are 5/1: if they are liable to lose $5000 the bookmaker MUST take the bet of $1000.
Very, very different than an all parimutuel system!